Telegram-herald., 1887-11-06
A TEN YEARS RECORD.


VIII the TElEGRAN- HEEALD, ever indie
pendent as to It's own views, and grievances
ia the publication Of those which are antsg-
onistic, allow me modicum of space on
the financial psoblem.
want to summarize the significant facts
Of a ten years record. beginning with the
at OF Congress. passed April 18th, 1856,
said act authorizing the Secretary OF the
Treasury 20 sell 30 bonds. and with the
proceeds TO retire United St1ses currency.
including kreen6acks.
Ny figures shalt be given with scarcely a
comment, and they are compiled from the
most authoritative sources. Probably the
bankers aud great statesmen of Michigan
can easily grappls the problem involved.
and happily work out its solution. They
are old facts. nor IS anything original
claimed in their presentation
Whcn Congress passed this act authoriz-
ing the contraction Of the currency-the
turning Of money into bonds. there were
1 g06. .ss7. 30 beautiful dollars afloat through
out the nation. This was 1900 and every
body called it a blessed year. During the
whole twelve months We had but go TALL
urps involving losses only 10 the extent OF
ST.. .62J, 600. Every body had plenty of
work Al good wages and there was liberal
market for all kinds OF produce. The peo.
pie fairly laughed al their taIes-whlcn
were enormous.
In 1861 they pushed the contraction ma
chine as provided by this new law, ard IN
the 1ssf twelve months OF Its operation We
sI0 INT
ing TO Ss5, ,1is 900.
But the wheels of the old contraction
mill went around destroying $473 0Co, O00
which had before been circulated among
the people. Bonds went out 10 take the
place OF the dollars and the failures that
year ffssSl rushed up 10 2,SJo. running
creditors 10 the extent of s63.77f,00O. The
Congressional medicine seemed 10 be pro-
v0king spasms-
However. in 1850 the Secretary Of the
Treasury Kept on turning the cras& and
ground out $500 10000 Of bonds. ami
hau.sd IN iust As much Of the currency.
When. lo. re bad 2,7s0 financial smash
ups. running business men 10 the amount
az S.5Os{ 90. The last mignty
dose nad brought on the gripes
badly. Yet in 1870. although the
big doctors we're beginning TO pound
their gold headed casc1 wita fright, they
venfured a dose % the extent Of rakiaE iu
xs7. 10 eco. and letting hv INA, amount OF
bonds At Vanderbilt and the rest OF those
fellows. Who always stood with their hats
ready. when that year she bsnkrupts run
M % .55i. coverDg losses amounting 10
SIS. 243.O00
InIs1fths mill ground out ulys35 90 600
and ws had -9l5 failures, amounting 70
So 80 COO loss.
N0x bsraa q grsst strain upon the coun-
try Five vearS Of such contraction bad
5lrekaEesi business and started trsmps and
riots. Vases and produce were c0min Z
dowu. and tares we're feit terribly, AID this
year .I3 although hut Twelve millions Of
bonds were showed out aud that amount o'
currency burnt ND. The crash csme on .
she f~izhfful extent Cf 40s4 business fail
urss. covering fl2l. o3s GO.
This medicine OF that ~ Of ls66 hegsn -
rrsriv Kill ard torture the psnent, Tor IN
1873 the people became panic stricken.
F.fnrrS run no to 5IS3. swamping a..
t1o na with SO 90 m1n said 60 pe Ouf %
sranle1ment Fais from previous ever
doses. lsr only 9, ,'ss4 90 had been called IN
this year.
Bat in 1874 ne golden doctors become
more heroic aa she aid mil vent arouai
on tbs hinges ef 3esfh. letting cgt > fst,-
fsO of acads to tas princes and iaSlag ~
metiinn. In the Vs. of certificates of I1-
dehf@iasss. nov nsie ieEsi tender u0ney 4.
S. 7.sl ff0 treasury notes. fasss 939 le- ti
terf4rs. 81. ofs' sfo frscflousl cn nrrencv and
a. Nosf0 esns uo1es. r1ifns Hp 3.ss1 fail
arss s1i io~s of So. z34 issf @ rrefiiacTs-
That bad been mixes. ~ Fel a. An aleo-
rsfa p doss. sad fae results vent sofh wsgs
iaTs-f - rclfuss e fhe c1-fency wsS el'
fsse- fsff4fS sud failures we're ert eH
&, T.rAi raininz Peepr 10 ttse ex at el
frlf 81 aN. Anf noT So "a .simet tfs.
shere ssrs 1goo ote ~ isanrers es'
n wars 1afe trsmFfnz eeeaals
Profession. >esr'g thoassui nit'icr
fsI besn rsale. so ~ sars <ssi isao7 r.
ss-sn loa1ress n,en tntt teIaf-e.. tee As ~
f- m esrEar assen Het hr
ean1fe 0sf 8eeeas|1g ahTs rfn Htarrrs
ara wHen a sI aHr teH gears re
rhs a4f.f.ief rs ef ereaeh htcsF ass se
iea Vt 81 ranx rarnfnrF ssiesn st ta
a 80 n8ff ~ ~ ares ar& rs|
rf fef f#N a
-ech . mg ar-sF ~ les fs1 rssss q
vrses sna reln - ms l1rras rs t
rrwa 4r,reseh teeen ~Hcevrs aa~e p.
csr Fsnxers 49, s.e3ee eft fe re fhs
/ srso.zz< s4>~ss Sxs.s4e.